Stablecoin Supply Could Reach $2 Trillion by 2028 If US Bills Pass

Standard Chartered says the stablecoin market could explode in the next few years—if Congress moves ahead with planned legislation. In a new research note released Tuesday, the bank projects a rise in stablecoin supply from the current $230 billion to $2 trillion by the end of 2028. But that depends on lawmakers passing key bills now under review.

Good to know

• Stablecoin market cap sits around $230 billion today.
• Standard Chartered expects 10x growth if GENIUS Act becomes law.
• Growth in USD-backed stablecoins could help offset dollar pressure from tariffs.

The Senate is reviewing the GENIUS Act, while the House has its own version in the form of the STABLE Act. Both focus on creating a legal framework for stablecoins in the US. According to recent reports, former President Donald Trump plans to sign both bills into law before the August recess.

Standard Chartered expects the legislation to dramatically shift the pace of growth. If passed, the current annual growth rate for non-trade-related stablecoin transactions—which is about 50%—could jump to 100%.

“U.S. stablecoin legislation is expected soon, with the GENIUS Act likely to be passed by the summer,” the report states. “We think this will help total stablecoin supply increase from $230 billion today to $2 trillion by end-2028.”

Beyond growth projections, the report also touches on the potential geopolitical impact. It suggests a booming stablecoin market could actually help the US dollar regain strength at a time when global demand is under pressure from tariff policies.

“As stablecoin usage increases, this additional source of USD demand should support USD hegemony,” the bank wrote, calling it a medium-term buffer against weakening demand tied to recent tariff decisions.

Most stablecoins are tied to the US dollar, which means broader adoption could indirectly increase global reliance on the greenback—even in the face of external economic challenges.

Both the GENIUS Act and the STABLE Act aim to introduce stricter oversight and transparency requirements for stablecoin issuers. Lawmakers believe setting up a clear regulatory path will encourage innovation while also protecting consumers and the financial system.